We continue to see a very fast moving, sellers’ market with properties going under contract very quickly and multiple offers as the norm, not the exception. Prices are rising quickly because of the competitive nature of the market and appraisals are having a hard time keeping up. Appraisals are inherently backward looking and buyers searching for properties are in the present or are forward looking (“if I don’t get this one how much will I need to pay for the next listing?”). During February, 45% of the sold properties closed at a price above the list. These above list sales averaged 4.5% over the list price. The the top premium paid during February was 17.7% for a house near Chautauqua that sold for $1,531,000.
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